Daily Archives: November 23, 2011

Money laundering in Bolivia has a deadline

This article was written by Humberto Vacaflor, in El Deber 11/23/11, please look at the link below for full-original Spanish article.

Laundering has a deadline by Humberto Vacaflor

Humberto Vacaflor“In three and a half months from now, which is February 13, 2012, the Financial Action Task Force (FATF, GAFI in Spanish) will analyze the situation of Bolivia with respect to money-laundering. And they can apply sanctions.
The Bolivian Government looks with little interest this topic, without acknowledging that it could become a nightmare even for foreign trade if there were to be sanctions.
For the moment, the image of Bolivia is compromised. The Jersey ‘Commission,’ on this subject just included Bolivia in a list of 12 countries suspected of money-laundering.
And it recommends that ‘due diligence’ be applied to international financial transactions involving Bolivia.
“Siglo 21” newsletter just analyzed this issue and pointed out the purchases of companies made by the Paraguayan – Venezuelan citizen Carlos Gil with money that comes from abroad.
The newsletter reveals that this person, is the owner of at least two newspapers in La Paz, as well as others abroad; TV channels; owns the Eastern Railway; Gravetal and others; and now is determined to buy Electropaz.
The Bolivian authorities should implement measures recommended by the international agencies to control money laundering from drug trafficking. The transnational drug trafficking handles in South America around $85 billion per year, as first suppliers and processors of cocaine.
The eyes of the world will have begun to concentrate more on Bolivia with respect to money-laundering as drug trade grows in the country.
Companies created by professionals in every sector are bought with fast movements by newly appearing millionaires who are also accumulating real state properties.
The parallel economy of drug trafficking is also a strong impact in the formation of prices, causing a process of inflation that Bolivians in the legal economy can not cope.
And the term to curb money laundering is closing. It will come before the Carnival.”
For earlier Bolivian Thoughts’ posts reported on laundering, please visit: